Investment in The Luzon and The Van Buren reflects NJCC’s growing platform for flexible, mission-aligned capital in supply-constrained markets
NEW BRUNSWICK, N.J., July 22, 2026 /PRNewswire/ — New Jersey Community Capital (NJCC), a national community development financial institution (CDFI), announced the closing of a $3.5 million preferred equity investment in The Luzon and The Van Buren, a 118-unit naturally occurring workforce housing portfolio in the Brightwood neighborhood of Northwest Washington, D.C.
Located at 6600 Luzon Avenue NW and 6505 14th Street NW, the portfolio comprises two midrise properties totaling 115,250 square feet of net rentable area. Originally constructed in 1942 and 1955, the buildings offer a mix of studio- through three-bedroom units. The Brightwood/16th Street Heights area sits along the edge of Rock Creek Park’s 1,700 acres, with a housing stock that preserves a rare architectural mix of mid-century and pre-war homes.
The investment, made in partnership with sponsor Capitol Rock Partners, a vertically integrated Washington, D.C., real estate platform, closed alongside senior financing from Hingham Institution for Savings. It keeps the portfolio’s existing units under the District’s rent control protections, preserving rents at levels affordable to the local workforce. With support from Aya Enterprises, the transaction preserves long-term affordability in one of the District’s most supply-constrained submarkets without displacing current residents. NJCC structures preferred equity investments like this one to complement senior debt rather than compete with it, giving sponsors the capital flexibility to acquire and stabilize naturally occurring affordable and workforce housing in markets where new construction cannot keep pace with demand.
“Preserving naturally occurring workforce housing takes capital that understands both the financial structure and the residents who depend on it,” said Bernel Hall, President and CEO of NJCC. “This investment protects 118 units of stable, affordable housing in a part of the District where that stability is getting harder to find every year — rather than waiting to replace it after it’s gone.”
Cameron Webb and Felipe Ernst, Co-Founders of Capitol Rock Partners, added, “Having been raised in Washington, D.C., it is especially meaningful to preserve quality, affordable housing in the city that shaped us. We are excited to partner with NJCC to invest in these properties responsibly and support long-term stability for the residents and communities they serve.”
About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution dedicated to advancing opportunity through strategic investments and knowledge-based programs. It finances and supports individuals, businesses, educational organizations, and communities; preserves and develops affordable housing, community facilities, and educational facilities; and creates sustainable economic development generating quality jobs, improving education, and strengthening neighborhoods, ensuring that communities can thrive. Founded in 1987, NJCC is a critical architect of community development initiatives, driving economic stability and wealth generation in overlooked areas.
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SOURCE New Jersey Community Capital
